Led by continued investor optimism, Nifty on Friday hit yet another record high level of 22,297.50. Until the support of 21,800 is defended, the upside bias remains intact, chart readers say. The RSI is far from the overbought territory, suggesting more room for an upward rally.
Indian equity indices traded lower due to declines in HDFC Bank and Reliance Industries. Asian Paints, Bharti Airtel, Power Grid, Bajaj Finserv tradec with cuts. Axis Bank, HCL Tech, L&T, TCS, Wipro, Maruti gained.
Nifty IT surged nearly 2%, led by HCL Tech, TCS, and Tech Mahindra despite the minutes of the Federal Reserve s latest policy meeting indicating most policymakers were concerned about the risk of cutting rates too soon. The market capitalisation of all listed companies on BSE increased by Rs 3.26 lakh crore to Rs 392.13 lakh crore.
Barring metal, PSU bank, and realty, all major sectoral indices ended in the red. NTPC, PowerGrid, and Wipro were the top Sensex laggards, falling over 2% each. HCL Tech, L&T, and Tech Mahindra also closed lower, while Tata Steel, SBI, IndusInd Bank, and JSW Steel gained. The market capitalisation of all listed companies on BSE declined by Rs 2.7 lakh crore to Rs 388.8 lakh crore.
Blue-chip stocks Power Grid, HDFC Bank, Axis Bank, NTPC, and Kotak Bank were the top Sensex gainers, rising 2-4%. On the other hand, TCS, JSW Steel, HCL Tech, Bajaj Finserv, and Maruti Suzuki closed with cuts. Smallcap stock Zaggle Prepaid Ocean Services closed 14% higher after the company announced that it had entered into an agreement with EasyMyTrip Planners Limited for three years.